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U.S. bankruptcy law, an area governed by federal law, does not allow and has not historically allowed a state to file for bankruptcy under the Bankruptcy Code. [5] Since 1937, Chapter 9 of the Bankruptcy Code has allowed ‘municipalities’ to declare bankruptcy.
The 2000–2001 California electricity crisis, also known as the Western U.S. energy crisis of 2000 and 2001, was a period of time during which the U.S. state of California had a shortage of electricity supply caused by market manipulations and capped retail electricity prices. [10]
The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. [2] Although Congress attempted to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. [2]
The Pulitzer Prize-winning Santa Barbara News-Press, one of California's oldest newspapers, has ceased publishing after its owner declared the 150-year-old publication bankrupt. Managing editor ...
The Pulitzer Prize-winning Santa Barbara News-Press has declared bankruptcy and ceased publication after more than 150 years of newsgathering.
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...